Crypto analyst Dave the Wave believes Bitcoin (BTC) is poised for a potential price explosion before Christmas, citing a favorable technical setup. According to his analysis, BTC has been trading within an ascending channel with an upward target of around $112,000, which could be hit by December 25th.
Dave also notes that this channel is similar to the one seen in the 2021 bull market and suggests Bitcoin’s price could reach the $180,000-$220,000 range sometime in 2025. Furthermore, he expects a decline in Bitcoin dominance (BTC.D), which would imply a jump in altcoins.
The trader also points out that Bitcoin moves in four-year cycles, suggesting a potential parabolic move is on the horizon. However, if the price were to correct, it would still be moving within a technical upward channel. At press time, BTC was trading at $100,102.
Source: https://dailyhodl.com/2024/12/08/bitcoin-setting-up-for-potential-pre-christmas-explosion-according-to-trader-that-called-2021-market-collapse